Sell IT stocks, says Sushil Kedia

Sushil Kedia of CIMB told CNBC-TV18, "I will sell IT stocks. We all have been conscious of the fact that there has been a too strong consensus that this is the right place to hide in. All kinds of rationale are being offered without proper analysis that just because the rupee keeps on being weak, IT stocks should keep on moving up. Infact we are running through regression after regression of last 15 days across all sectors."

He further added, "IT stocks in the last one year have produced superior returns even in those weeks. More greater returns in weeks when rupee has been stronger than in weeks when rupee has been weaker and across the trend of rupee weakening ofcourse IT stocks have given positive returns , the same has also come in FMCG, healthcare and same has come across other sectors."

"So it is actually investor behavior in the environment of macro stress; it's not really the rupee driving their earnings or for which reason the people have been lapping it up, but it is a lot of sentiment for which not just IT but three key sectors healthcare, FMCG and IT and I have a strong technical sell on all of them coming up very quickly in the next one or two weeks."

"This is really extenuated polarisation of investor sentiments and is not really driven by rationale, so I am leaning very heavily on my charts which are showing strong signs of distributing patterns and perhaps number of them have started giving strong reversal confirmations also. So I am indeed looking to sell IT stocks perhaps another 2 percent down move on them and then rest of the street you will hear lot many more voices talking about confirmed trend reversal."

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